PONTE VEDRA BEACH, Fla. - Global Axcess Corp. (OTCBB:GLXS) says it has executed a definitive agreement to acquire approximately 900 ATM/merchant contracts from a privately-held company based in the Southeast.
Under the agreement, Global Axcess will pay $3.9 million in cash for the unnamed ISO. The closing of the acquisition is expected be completed on or before Feb. 16.
According to a news release, the monthly EBITDA to Global Axcess following the closing is expected to exceed $100,000, which should contribute additional annual net income of more than $700,000.
"(This acquisition) represents the first success in what we expect to be a series of positive and aggressive growth initiatives for the company in 2004," said Michael Dodak, the company's chairman and chief executive, in the release.
